LatAm Bonds

Alejandro Díaz de Léon Carrillo, Mexico's deputy undersecretary for public credit and the man behind the country's increasingly spectacular bond transactions, speaks to Emerging Markets about the recent 100 year sterling bond, Mexico's funding plans and decoupling from the wider emerging markets.

Brazilian conglomerate Votorantim Industrial will reduce its debt by $880m after completing a tender offer for its 2019 bonds and 2021 notes issued by its subsidiary Companhia Brasileira de Aluminio.

Every Japanese investor that Brazil met on a roadshow in December asked the sovereign to issue yen bonds, said Paulo Valle, Brazil’s deputy treasury secretary, in the wake of the sovereign’s first euro bond issue since 2006.

Raymond Ressy has returned to the emerging markets bond market two years after leaving Credit Agricole CIB.

Several well oversubscribed, dollar denominated deals proved the bullish predictions of DCM bankers right as investors sought yield in a region that has been light on new issuance.

Three debut Latin American borrowers are lining up bonds as investors show their thirst for paper.

A ratings downgrade proved a surprise benefit for Brazil as the sovereign made its expected return to the euro market four days after Standard & Poor’s dropped it to BBB-.

Peruvian mortgage lender Fondo Mivivienda was able to tighten pricing sharply in LatAm's latest dollar issue as borrowers take advantage of a flood of investor cash following a barren couple of months in new issue.

Kimberly-Clark de Mexico is to roadshow in the US and Europe for a 144A/RegS dollar bond, which would be its first international benchmark issue.

The Brazilian sovereign returned to the euro market for its first transaction since 2006 on Thursday morning, opening books just four days after Standard & Poor’s cut the country’s credit rating. Although Brazilian assets have rallied following the rating rather than suffered, debt bankers were still surprised to see the issuer in the market. But a "very generous" concession relative to the issuer’s dollar curve made Brazil’s new euro deal highly attractive option, said bankers away from the bond.

European bond specialists frustrated by the lack of corporate issuance have had their prayers answered. After a couple of quiet weeks, there was €8.5bn of issuance in euros and sterling last week and in the first three days of this week, about €10.6bn.

Cemex, the Mexican cement maker rated B+/BB-, has launched a euro and dollar high yield bond sale today (Tuesday).